The financial underwriting limits for life insurance and critical illness cover have been increased by Legal & General. This will simplify the underwriting process and the policies will be issued more quickly than ever before. The limits that have been set by Legal & General are £800,000 for life insurance (previously £600,000) and £500,000 for critical illness cover (previously (£350,000). If one makes an insurance of this limit then the person will not have to furnish some of the financial evidences such as earnings evidence and other supporting information like the loan offer letters.
Russ Whitworth, Underwriting and Claims Director said: “We are always looking for ways to improve our underwriting process and get customers on risk quickly and with a minimum of fuss. We also recognise that there is a perception in the industry that financial underwriting can be a complicated and time-consuming process, in part because some providers have high financial underwriting limits yet still ask for detailed financial information on every application form. We’ve therefore listened to our customers and simplified the process by only asking for detailed financial information for very high sums assured.
“Our new financial underwriting limits are market leading and therefore advisers and their clients will get a slicker service from Legal & General.â€
For life insurance applications of between £800,000 and £1.5million and for CIC applications of between £500,000 and £800,000, Legal & General will only require answers to four specific financial questions. Over and above these limits, more detailed financial evidence will be required.
Financial underwriting limits are standard in the protection industry and are in place because of the increased risk posed to an insurer of large sums assured. The underwriting criteria are freely available to advisers on the Legal & General Adviser Centre: http://www.legalandgeneral.com/advisercentre/index.html
Notes to Editors:
• Legal & General Assurance Society Limited is authorised and regulated by the Financial Services Authority (FSA). Registered office: One Coleman Street, London EC2R 5AA.
• The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
For more information contact:
Joe Wiggins
PR Manager Protection and Housing
t:01737 375 351
m:07841 366 145
f:01737 374 275
e: [email protected]
Contact Details:
Berni Ryan
Web Site: http://www.legalandgeneral.com
Email: [email protected]
Tel: 01737 375 351
Address:
One Coleman Street, London
City: London
Country: United Kingdom
Zip Code: EC2R 5AA
